Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2020 <br /> <br /> <br /> <br /> <br />received by PERA during the measurement period for employer payroll paid dates from July 1, <br />2019 through June 30, 2020, relative to the total employer contributions received from all of <br />PERA’s participating employers. The City’s proportionate share was 0.0392% at the end of the <br />measurement period and 0.0398% for the beginning of the period. <br /> <br />For the year ended December 31, 2020, the City recognized pension expense of $102,103 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$6,306 as pension expense (and grant revenue) for its proportionate share of the State of <br />Minnesota’s contribution of $16 million to the GERF. <br /> <br />At December 31, 2020, the City reported its proportionate share of the GERF’s deferred outflows <br />of resources and deferred inflows of resources related to pensions from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $21,421 $8,892 <br />Changes in actuarial assumptions - 86,935 <br />Net collective between projected and <br /> actual investment earnings 41,155 - <br />Changes in proportion 50,094 85,889 <br />Contributions paid to PERA <br /> subsequent to the measurement date 100,249 - <br />Total $212,919 $181,716 <br /> The $100,249 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31, 2021. Other amounts reported as deferred <br />outflows and inflows of resources related to pensions will be recognized in pension expense as <br />follows: <br />Year Ended Pension <br />December 31, Expense <br />2021 (177,080) <br />2022 14,825 <br />2023 36,427 <br />2024 56,782 <br />2025 - <br />Thereafter - <br />($69,046) <br /> <br />2. PEPFF Pension Costs <br /> <br />At December 31, 2020, the City reported a liability of $3,079,098 for its proportionate share of the <br />PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2020 and the <br />total pension liability used to calculate the net pension liability was determined by an actuarial <br />valuation as of that date. The City’s proportionate share of the net pension liability was based on <br />the City’s contributions received by PERA during the measurement period for employer payroll <br />65